to discuss this in more details now switch over to our business desk with. who is on top of the story right now house or the new leadership has come into office apparently it's even more conservative than the previous one so i guess china is facing a hard landing after all well i don't necessarily bank so i think it is actually succeeding in making some real reforms or at least it's trying to do so at least when it comes to its mean economic drivers a look china used to really rely heavily on exports as its main driver thanks to forced to its alone lever costs but now it's trying to shift toward internal consumption as its main economic like a motive and we'll mccann in the global market strategist at the t.v. capital in london believes china is going to succeed in making that transition. things are changing i mean previously they've relied on this export led investment

led growth model which i think is. no longer a political it's created a number of structural imbalances and. part of the five year plan that's already been agreed is to move towards a more of a consumption levy economy. the real challenge i think is to make this transition from a low income culture economy to a high income economy and try to get through the so-called middle income trap which i think they can do think china can do that. well just as your expert said there's already imbalances even on the trade market i mean people have been moving towards manufacturing from agriculture we're not seeing actually china's labor. even the currency which is the main tool for the for this government is still kind of dependent on the dollar so unless china actually moves to a free floating currency we won't see a market economy how is it going to do that. wall the first thing to understand of

course is that china only wants to move to the free market economy where and when it suits its interests and you can't really blame it for doing that but back to the currency issue i think basically the way it works is it brings us back to the first question right because at the moment the main economic driver is still exports and china first has to really resolve that issue once it moves to or shift to a different economic driver like internal consumption it will make it easier to deal with the you want to she was well and the other thing to remember is it keeps the you want artificially low by buying up the u.s. dollar so what's going to happen to the dollar from going to stop doing that well exactly seasons kind of the will of borders the snake that's biting its own tail you take one of these control elements out of the economy and just collapses all together in the currency is just as artificial as one of the world's biggest banking systems that china has don't you think that needs to be reformed it's not

serving the people at all well it certainly needs to be reformed but i think that's where the new leadership comes in right because there has to be a political will to make these changes and the new team at least has a shot at doing that and the university of toronto expert on china that we spoke to earlier today actually agrees with me. not just stay firm to the private room having a harder time than ten years ago or getting access to credit for the banking system so i think that would be a one major area that the government needs to tackle but of course they face political constraints because. the reason that they would not be able to create demand for the. banking system is that because to banking system has been very powerful politically. all right ms i'm afraid we're running out of time here but we will both of us will agree that this is

a very hard topic to debate on because this is not an election this is a transition of power and i know i hate that phrase and you hate it only time will tell whether anything will change true right now thank you for that let's move over to the markets u.s. markets saw down this claim so the biggest uptick in eighteen months to two hurricane sandy also a very important story b.p. has agreed to the biggest criminal penalty ever for its deepwater horizon oil spill incident of two thousand and ten now this settlement a total of four and a half billion dollars over five years includes nearly one point three billion in criminal fines the largest such penalty ever along with payments to several government agencies however as you can see the markets in europe are down point eight percent b.p. is just down point one percent now when it comes to the currency markets the euro is picking up despite the fact that the eurozone has apparently slipped into double

dip recession all together the seventeen nations are down point one percent in the first quarter that's after a decline of point two percent in the second quarter so indeed this is a recession whereas the russian ruble is well not so significantly changed against the dollar that the play and losing a bit of value against the euro in moscow trading now the russian markets managed to see a bit of a recovery one percent the very end of the first day session both b.o.t.s. and myself indeed added one percent despite the fact that oil prices descended at the end of the session on several factors first of all this the double dip recession in the euro zone and then the fact that. tensions escalating between israel and the palestinians are reducing the chances of a war between israel and iran so this is causing oil prices to go. now gas from has completed last stage of negotiations to build a south stream

a direct natural gas pipeline to central and southern europe the gas meters sea has sealed the twenty billion dollar deal with bulgaria today casey pilbeam is a quarter with it well gary was the last prodigy to sign the south stream pipeline contract and now all is set for construction to commence on december the seventh a bit about the pipeline itself that is the second one of the north stream to actually send to read not true russian gas to europe and it ok about after the price of gas was the last of which happened in two thousand and nine which was the european currency was all right she dealt with that. as well as a rather cold winter as a result as well not the time russia ukraine of siphoning off the gas which was meant for the continent and the south stream pipeline is meant to avoid potential conflicts in the future in the south stream pipeline will go from russia to bog

area via the black sea to serbia hungary slovenia and its late the first to live reso gas are expected by twenty sixteen with the full capacity of sixty three bidding cute meters of gas carrying through the pipeline by twenty eighty from fifty percent of the pipe and partners any and twenty percent or france's and germany's winters who with fifteen percent eight now let's say mellow will meet with the rest of these company had partners on december the seventh commence the building of the south stream pipeline all right answer from the business team for now we will be back in two hours time with another update but the news continues on after a short break of around three minutes. it's perched atop a jar and the view from the kremlin stretches as far as the eye can see. for

a city to all of siberia for centuries. it lost its economic importance even before it was bypassed but a chance a barren railway but the a spiritual center. things like these are a yearly occurrence thousands of worshippers did themselves in blessid water to commemorate the baptism of jesus. or the matter with it doesn't matter if it's minus thirty it's a siberian tradition i do it myself every year for everyone to overcome their worst fears it is desirable to take the plunge. but that's picture postcard church is the story of a city built by opportunist explorers political exiles crafty fur traders.

in the fifteen eighties the russians had only just conquered siberia taking it from the muslim. surrounded by enemies to be their stronghold constructed on top of the city but soon enough it became an economic hub siberian for the oil of its time bringing in a third of the state revenue but the location had of the uses for the russians. to moscow's one of the most popular places to send political dissent is not any people were exiled that once a giant bell that was used to incite riots was supposed to set a three hundred ten. the russian arris a crowd. a revolt against bizarre in eight hundred twenty five known as the decembrists will stand there in droves there they created a replica high society adopting the latest fashions as soon as they came out or at least once they made it from paris to siberia but the city also served up some bit

of irony for the russian royal family after the bolshevik revolution this is the office where the solemn nickel is the second spend most of the last year of his life his whole family had been exiled here they were at a fairly comfortable existence this was a big house but they weren't allowed to see visitors or go outside themselves leaving the ordinary normal countryside life style they even had thoughts of a scape but within the year bizarre and his family would be dead. never again its political significance but its streets will always echo with a glorious past and will likely provide the livelihood for some habitants in the future.

here in moscow the news continues now a lavish lifestyle is something britain's royal family takes for granted with palaces castles and sporting country states at their disposal you might think they pay the people that look after them a generous wage but a recent job suggests otherwise when i. spoke to nora smith about why working for burger king could be better than working for the queen. this is really unfortunate timing this week in the u.k. it's living wage week where opposition politicians and campaign is working towards giving encouraging employers to pay what they're calling a living wage higher than the minimum wage and london is elsewhere say eight pounds fifty five in london seven pounds forty five outside lunches place the minimum wage which is six pounds nineteen now i think in any other week this job would have gone

pretty much our notice but some eagle eyed journalists bosses it is an advert for a part time cleaner windsor castle which is paying a living wage of lower middle i mean was it worth it to work in clean. i mean that would be that would be prestigious job to have surely that would be a job that would pay a bit of the pennies over the minimum wage. you think so you think so but what should be stressed that this is not illegal because it is paying about the veteran wage but it's a little bit stingy it's not generous and it's not what we would somebody if somebody is working i mean. according to forbes in the past year or so the queen is worth at least three hundred million pounds can she cough up a couple more quid. is a tricky one really i mean i speak to people outside buckingham palace some people who go into work some people who are kind of early bird tourists and opinions are

really kind of divided about this because of course we want the queen to be generous and we expect her to expect people like the queen to set an example to employers but we also want her to be frugal because all of this stuff all of this money that she's paying out is coming from taxpayers but do we want her to be frugal at the expense of low paid staff likeliness i think the us is probably no i think she's in trying to do that she can do it but obviously you get what you pay for it was. difficult. because they should match whatever policy should be. as far as general salaries are concerned we've got some figures to show you we're talking about salaries since two thousand and six they've risen by about eleven percent across the board which doesn't sound too bad none of this sounds too bad so some example social workers they got seventeen percent more in their wage packet teaches eleven percent chartered accountants have done less well it just one percent management consultants are down by around six percent but the most important thing to remember is that none of these things represent real terms

rise in wages in order to beat inflation in your wage cap you've had to have seen it go up by nineteen percent so this is a job that does not pay well. with a lot of the economic downturn is not only ravaged greek wallets pretty shaken up the country's political scene greece or some unexpected names turn up on the parliament polls when his list in june including the ultra nationalist golden dawn party. investigates the side effects of crisis. hunger joblessness and the feeling europe is ripping the country apart greeks are seeking answers today crisis in increasingly extreme news the main form but this has been expressed is the rise of the greek left but also a warning development in the. months has been the rise of the new.

to be more precise than nazis or not the numbers don't lie at the last election in june golden dawn entered parliament with seven percent of the vote current opinion polls suggest an election today would see them take around thirteen percent they can offer some practical solutions to greek people and because they portray themselves as their one who is a status quo quality responsible for the christ but it's not just politicians they are accused of trying to punish anti immigrant grandstanding is a key part of the greeks for the greeks manifesto which is seen them linked to violent attacks on foreigners clashes between their members and other politicians on discussion shows and their leader denying the holocaust on television well with serious allegations of violence leveled against them and certainly being no strangers when it comes to making a scene what do golden dawn's elected officials think that their party's policies

can do for the greek people this is. a leading member of golden dawn who you may recognize as the politician we just saw a turkish fellow guest on a panel show. in power will revise the constitution whoever embezzled money will go to jail and they are other assets will be confiscated we will declare a greek economic zone to tap the resources and energy reserves which today are playing by foreign interests we will bring security target crime and regrease of illegal immigrants but those who has written extensively on. the rise of the extreme right are adamant that golden dawn won't power through chaos after. the polls show that their winning ground despite everybody being aware of the violence they use and the rights they cause they want the other parties to fight among themselves so they can pick up voters out of the turmoil they want civil war with the prospect of yet another election in greece in the near future golden dawn

senses a chance to sway more voters its way despite the shadow with the swastika continuing to hang over them these are all of us i t. from the. two miami beach americans are joining together to call for a disunited states. pro independence petitions of all fifty states as we report online. reports the mistress of david chose to get access to classified data on his computer a former cia boss maintains he hasn't. found out the latest about this.

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brighten a few. songs from things to. come . back to top story the escalating conflict between israel and gaza three israelis and at least fifteen palestinians including children and

a pregnant woman have already been killed let's get some reaction from retaught u.s. army colonel right. joining me live in washington what the goals are militants have now targeted tel aviv in retaliation we're hearing bomb attacks the rockets landing in the city there but didn't the palestinian start all this by far in hundreds of rockets into israel. i don't believe that's the accurate version of this i think that the israelis actually started this about five days ago there was a young man that was killed in a region right along the border with israel and there have been incursions by israelis into into gaza i deplore of course the loss of life in palestine and in israel and the rockets that the palestinians are firing are very unhelpful as are the drone strikes and they have sixteen strikes that the very powerful israeli military is using on the unarmed civilians of gaza what's the

palestinians trying to achieve by continuing with these rocket attacks. well i would i would ask what is israel trying to achieve by it i mean here you have a population that's in a prison that has been under blockade for the last five years the israeli government is squeezing the people of gaza the united nations now says that by the year twenty twenty gaza will be unlivable so what are the israelis trying to do by continuing the attacks that are killing five times more five times more palestinians that have been killed then and then israelis so these are very israelis trying to do when the israeli policy against the palestinians is provocative is that what you're saying and is really the cause all of this anger now towards israel. well it certainly is

a main it's a human reaction that there should be anger when when you have been closed when you have been blockaded by land and by sea when you've been put on a special diet as. the israeli government officials have said and now they're saying that needs to be reformatted as if it were if the as if they were computer characters not human beings from a military perspective you retard u.s. army colonel. there's a risk of course of a ground invasion being launched by the israelis we know that was launched four years ago many civilians died what would a ground invasion achieve this time around. well it's. centrally the what was achieved before i mean you can run over a civilian population that's military forces can do that with no problem. the israeli attack on gaza it's not

a war it's an attack there is really no defenses that the palestinians have they do have these rockets that they do fire and fortunately most of them don't hit any targets at all although one did hit a home tragically today and three innocent civilians were killed but these are the massive military that israel has is certainly capable of just running flat over. gaza which it did four years ago when it killed one thousand four hundred people wounded five thousand left fifty thousand homeless i mean it just ran flat over gaza. a report we carried today is alluding to the fact that eyewitnesses saying that white phosphorus is perhaps being used that's considered a war crime can such claims be easily proved afterwards. yes they certainly can be as they were proved in two thousand and nine where the

israelis had used white phosphorous and there were international doctors that happened to have been in gaza at some of the hospitals who treated victims of white phosphorous it's very easy to see by by films as the white phosphorus falls and it's also once a person who has had white phosphorus and that phosphorous is gone and burned through their skin and through their flesh and all the way to the bone it's a very easily recognizable war crime you're there in washington the u.s. is backing israel in this latest conflict but washington and barack obama place a lot of emphasis on supporting the pundits didn't in that bid for statehood didn't they so do you think the palestinians now feel betrayed by washington oh well i don't believe washington has done anything for palestinian statehood in fact when last year when the palestinians went to the general assembly to request. elevated status the united states so withdrew funds from unesco because you know

asco had recognized the palestinian authority i don't believe barack obama's administration has done anything to help for palestinian statehood and in fact they're threatening them again and this latest bid for further recognition in the united nations which was to have occurred in the next week or so at the u.n. but it's interesting isn't it obama who really don't get on personally indeed netanyahu wanted romney to win the election what would it take for perhaps a bamma to turn around his attitude towards ton of even actually condemn israeli actions. well all it would take is a realistic look at what's been going on but unfortunately the history of american presidents is that they don't do that that we have had a history in the united states governments of. unconditional support for the state of israel no matter what criminal acts it commits and so far the obama administration has been no different than any other administration but i would say

for the security and safety of the state of israel and for the security of and safety of the state of the united states of america barack obama would be well advised to do that because people in the world know exactly what's going on here and america's image by totally supporting israel no matter what it does is really taken. the plunge and i from washington retired u.s. army colonel ann wright thank you very much and the few thoughts this is a key committee live from moscow more news from around the world in just a few minutes stay with us. we speak your language. news programs and documentaries in spanish matters to you. use

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market why not. find out what's really happening to the global economy with max cons or for a no holds barred look at the global financial headlines tune into cars a report on our. and. you know sometimes you see a story and it seems so for lengthly you think you understand it and then you

glimpse something else and you hear or see some other part of it and realize everything you thought you don't know i'm tom harvey welcome to the big picture. live alone please liz. please technology innovation called a list of bellemont from around russia we've. covered.